Deed in Lieu of Foreclosure. Without the express prior written consent of Lender, Borrower shall not, and Borrower shall not cause, suffer or permit Mortgage Borrower to, enter into, execute, deliver, or consent to, as the case may be, any deed-in-lieu or consensual foreclosure with or for the benefit of Mortgage Lender or any of its Affiliates, successors, or designees; and delivery of a deed-in-lieu of foreclosure shall be construed as a Transfer that is not permitted hereunder.
Deed in Lieu of Foreclosure. Without the express prior written consent of Lender, Borrower shall not, and Borrower shall not cause, suffer or permit Owner to, enter into any deed-in-lieu or consensual foreclosure with or for the benefit of Senior Lender or any of its affiliates. Without the express prior written consent of Lender, Borrower shall not, and Borrower shall not cause, suffer or permit Owner to, enter into any consensual sale or other transaction in connection with the Senior Loan which could diminish, modify, terminate, impair or otherwise adversely affect the interests of Lender or Borrower, the Collateral or any portion thereof or any interest therein or of Owner in the Property or portion thereof or any interest therein.
Deed in Lieu of Foreclosure. Without the express prior written consent of Lender, Borrower shall not, and shall not cause, suffer or permit Mezzanine Borrower to, enter into any deed-in-lieu or consensual foreclosure with or for the benefit of Mezzanine Lender or any of its affiliates. Without the express prior written consent of Lender, Borrower shall not, and shall not cause, suffer or permit Mezzanine Borrower to, enter into any consensual sale or other transaction in connection with the Mezzanine Loan which could diminish, modify, terminate, impair or otherwise adversely affect the interests of Lender or Borrower, the Property or any portion thereof or any interest therein or of Mezzanine Borrower in the Property or any portion thereof or any interest therein.
Deed in Lieu of Foreclosure. (i) On the Forbearance Effective Date, Borrower shall execute and deliver to the Administrative Agent a deed in the form attached hereto as Exhibit H (“Deed in Lieu of Foreclosure”). Upon an Event of Default and acceleration of the Loans pursuant to Section 10.1, Administrative Agent and Lenders may, and Borrower hereby authorizes Administrative Agent and Lenders to, attach to the Deed in Lieu of Foreclosure the legal description(s) for all Residential Units and their corresponding Parking Units and appurtenant common elements comprising the Project against which the Deed of Trust is a lien, date the Deed in Lieu of Foreclosure effective the date of default and make any other additions to the Deed in Lieu of Foreclosure necessary to comply with recording requirements then in effect in the County of Fairfax, Virginia, and record the Deed in Lieu of Foreclosure. If requested by the Administrative Agent, Borrower shall promptly (a) re-execute the Deed in Lieu of Foreclosure and immediately deliver it to Administrative Agent; and/or (b) any affidavits and documents reasonably required for the Administrative Agent to obtain owner’s title insurance for the conveyed Units, and immediately deliver such affidavits and documents to the Administrative Agent. Provided Borrower has not (x) applied for, consented to, or acquiesced in, the appointment of a trustee, receiver, sequestrator or other custodian for itself or a substantial part of its property, or made a general assignment for the benefit of creditors, (y) filed for, permitted or suffered to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, or (z) consented to or acquiesced in any such involuntary case or proceeding, or provided that if any involuntary case or proceeding described in Section 10.6(i)(y) is filed, it is dismissed within sixty (60) days of filing, the recordation of the Deed in Lieu of Foreclosure shall be deemed full satisfaction and payment of the Loans and Guarantor shall be deemed automatically released from the Guaranty.
Deed in Lieu of Foreclosure. As to any of the assets and properties subject to the Senior Liens (the “Collateral”), Senior Lender may at any time after the occurrence and during the continuance of a default under the Senior Debt accept a full or partial deed in lieu or assignment in lieu of foreclosure in its own name or in the name of its designee or nominee or otherwise.
Deed in Lieu of Foreclosure. If the Special Servicer --------------------------- pursues a deed in lieu of foreclosure pursuant to the authority granted to the Special Servicer by the terms and provisions of Section 3.10 (a) above, the Special Servicer will retain counsel to prepare appropriate documentation, execute and deliver such documentation on behalf of the Owner and may enter into an agreement with Mortgagor regarding payment of any deficiency. The actions described herein shall be taken by the Special Servicer in accordance with Accepted Servicing Practices or otherwise with the consent of the Owner. Title to such Mortgaged Property may be taken in the name of the Owner or its designee. Notwithstanding anything to the contrary contained herein, in connection with a deed in lieu of foreclosure, in the event the Special Servicer has reasonable cause to believe that a Mortgaged Property is an Environmental Problem Property as described in Section 3.10 (g) hereof, the Special Servicer shall notify the Owner of the existence of the Environmental Problem Property, describe such problem, make a recommendation to the Owner regarding handling such Environmental Problem Property and carry out the recommendation unless otherwise directed by the Owner in writing within five (5) Business Days after the Owner's receipt of such notice. In no event will the Special Servicer be required to acquire record title to an Environmental Problem Property. The Special Servicer will provide the services described in Section 3.10 (g) with respect to each Mortgaged Property for which a deed in lieu of foreclosure is received by the Special Servicer.
Deed in Lieu of Foreclosure. The Lender may take a deed-in-lieu of fore- closure from the borrower when it will not result in a cost to the Government in excess of that expected for fore- closure.
Deed in Lieu of Foreclosure. The Servicer may accept a deed-in-lieu of foreclosure, with the approval of the Owner, provided that:
Deed in Lieu of Foreclosure. The County Authority may accept from a Person with an interest in a tax delinquent property or Tax Reverted Property a deed conveying that Person’s interest in the property in lieu of the foreclosure or sale of the property as provided under Section 6 of the Land Bank Act.
Deed in Lieu of Foreclosure. Upon providing Borrower and Centerpoint Properties with five (5) business days' written notice of the Lenders' intent to exercise their remedies under the Deed Agreement executed and delivered to Agent and the Lenders in connection with the affected Construction Loan, Agent and/or Lenders may accept and record the deed delivered to Lenders (or the nominee or nominees of the Lenders), and may accept the assignments or other transfer documents delivered to the Lenders (or the nominee or nominees of the Lenders), pursuant to the applicable Deed Agreement. In the event Agent and/or Lenders choose to accept such deed, assignments or other transfer documents, Borrower hereby agrees to execute any and all other documents or instruments reasonably requested by Agent and/or Lenders to consummate the transactions contemplated by the applicable Deed Agreement. Borrower further agrees that, in the event of Borrower refuses to execute any such document or instrument within five (5) days of the date of the written request of Agent and/or Lender, (i) Borrower hereby irrevocably makes, constitutes and appoints Agent, Rob-Wal and/or each Lender, and any of their respective officers, employees or agents, as its true and lawful attorney with power to sign the name of Borrower to any such document or instrument, and (ii) Agent and each Lender shall be entitled to injunctive relief, including specific performance, to obtain the execution of such document or instrument, and to such other and further relief, including damages, as may be available to Agent or any Lender. Damages shall include, without limitation, all attorneys' fees and other costs incurred by Agent or any Lender in connection with the enforcement of Agent's and/or Lenders' rights under this Section 13.3(b), and shall be secured by all Loan Documents executed in connection with the affected Construction Loan.
